The new version of IRS Publication 590, Individual Retirement Arrangements (IRAs) for use in preparing 2013 tax returns, has been released by the IRS. It’s used by taxpayers and tax preparers when filing 2013 federal income tax returns.
For IRA distribution purposes, all IRAs (except Roth IRAs) are considered one big giant IRA. It doesn’t matter if you have one IRA that was rolled over from a former employer, and one SEP IRA with your current employer, and one contributory IRA where you put annual contributions, and one after-tax IRA where you put contributions for which you do not take a deduction. All four IRAs will be considered one IRA any time you take a distribution.
If you are an IRA owner and are over age 70 ½ this year, you have to take your required minimum distribution (RMD) by December 31, 2013. If you want to give money to charity this year and haven’t yet taken your IRA RMD, you should consider giving your RMD directly to the charity. Click to find out why.
It's that time of year. The leaves are falling. The holidays are coming. And retirement planning quickly turns to year-end conversion questions. To help the financial advisor-client team with your year-end Roth conversion planning, we have assembled a FAQ list below.
If you are married, you can choose between filing your federal income tax return as a joint return or as a separate return. In general, the married-filing separately (MFS) status typically gives you fewer tax benefits than filing jointly. We explain in detail below.
IRS has released the 2014 inflation adjusted numbers for estate and gift taxes. See the table at the link below for the numbers and the paragraphs following for a more detailed explanation.
This week's Slott Report Mailbag gets into the Roth IRA 5-year rules - as well as the once-per-year-rollover-rule and disclaimer planning. These topics showcase the depth of IRA distribution and retirement planning and the intricacies, detail and potential danger involved in this area.
If you put money into an IRA or Roth IRA earlier this year for 2013 or plan to do so before the April 15, 2014 contribution deadline, it’s important to double check and make sure you are actually able to do so. Any amount you contribute to an IRA/Roth IRA that isn’t allowed to be there will cost you a 6% penalty if it is not timely removed by October 15, 2014. Worse yet, that 6% penalty is not a one-time penalty. Every year the errant contribution remains in the account, the 6% penalty is assessed.
This week's Slott Report Mailbag looks at naming minors as IRA beneficiaries, something we cover in some depth in other articles, as well as the RMD (required minimum distribution) rules around annuities. Click to read a Q&A with our IRA Technical Expert.
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